07 June 2013 09:47 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 2.43% on back of the firmer offers from local petrochemicals producers and traders, industry sources said on Friday.
China’s September LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,760/tonne ($1,752/tonne) on 7 June, up by CNY255/tonne from the settlement price of CNY10,505/tonne the previous day.
Around 1.97m tonnes of LLDPE, or 787,666 contracts, for delivery in September were traded on Friday, according to DCE data.
Chinese petrochemicals giants Sinopec and PetroChina both raised their offers for LLDPE resin for some regions in the week of 3 June, further strengthening the positive outlook in both the futures and spot markets, according to market sources.
Spot LLDPE prices in the Chinese domestic market rose by CNY50-100/tonne to CNY10,700-10,900/tonne on 7 June, compared with the previous day’s levels at CNY10,600-10,850/tonne, the trader added.
($1 = CNY6.14)
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